26/10/2022
Partnerships in Farming
Don’t just choose anyone to become your farm business partner. Your partner should share the same goals and aspiration as you.
Choose a partner who is passionate about agriculture and not someone who would join you just for the sake of profit sharing. Your partner must share the same interest in the exact agribusiness you are about to venture into.
Carefully spell out the terms and conditions of this partnership in a memorandum of understanding. Make sure each party understands its role in achieving the goal of the partnership before signing. If your business is such that requires a large amount of money as an initial contribution from both parties, I advise you to look for an attorney and sign a funding agreement.
Don’t jump into a business partnership with someone you have little or no information about his background. Gather as much information as possible about your partner before venturing into partnership with the person. This will save you a whole lot of surprises that may arise in the long run.
